A little background on me, I have been constantly learning and trying to improve myself for about the last year towards real estate. My ultimate goal is to be a landlord and maybe the occasional house flip. Currently I have 10k saved and about 3-4 grand in stocks that has been fluctuating as of late. I would like to purchase my first property at the start of 2021 a little after the holidays. I currently live in Salt Lake City Utah and would like to invest in either Ogden or salt lake area.
My question is the slc and Ogden area are great and have fantastic potential to my minimal knowledge but what are some of the best areas to invest in the entire US right now? I would like to not be stuck here my whole life. Any tips on where I should go from here? Maybe good cities to look into? I’m a big outdoorsy person and have been looking into the Florida area possibly. Is Utah an amazing place to invest and I can stay here without too many concerns. Any input is appreciated!
I think the best place to start would be the market you know best. That could be where you live or someplace you've lived in the past but still know really well.
But that's just location. There are good deals and bad deals in every market so you've got to really know the market and see what constitutes a good investment for you and your goals.
Utah should be fine to start with but I couldn't tell you which city to consider.
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@Eylan Dilworth That's great that you have been working toward getting into real estate! I have a couple thoughts that might help you get started:
1) When looking to purchase your first property, I would recommend learning a bit more about house hacking. Bigger Pockets has tons of great resources around this topic. Essentially, you can buy a small multi-family property (2-4 units), live in one unit, and rent out the other units. This will allow you to have the other tenants pay for most, if not all of your monthly payment. You can also do this with a SFH and rent out the rooms. When using this strategy, you can also use an FHA loan that only requires ~3.5% down. This strategy can be used anywhere in the US, as long as the numbers work.
2) When looking for which market to join, I recommend using a resource like Housing Alerts. This site will provide details and the market outlook throughout the US and has some paid features that provide additional information.
Hope this helps!
Thank you Cody!
My ultimate plan is to househack my first place I am hoping to find a duplex or fourplex for this but they are hard to find in Ogden. I believe I’m just going to end up buying a 3 bed and rent out the other rooms, but it all depends on the deal I can find once I get there.
I have never heard about housing alerts and I will do a little more research into that to help me find the right area for me.
@Eylan Dilworth - Welcome to BiggerPockets! The first best place to invest is always going to be your backyard. You know the area the best, you likely have connections, and quite frankly it is the path of least resistance.
When you open up to the entire U.S., you are going to get caught up in analysis paralysis; death by too many options. You will spend a lot of time trying to figure out what is this "paradise" market where you have this perfect balance of cash flow, appreciation, and a great team to help you achieve it.
If you like the outdoors, I have to imagine the part of the country you're in is some of the best. Utah is beautiful and from my knowledge you can still find cash flowing properties to house hack there. Colorado is great. I am based in Denver and find cash flowing properties all day. Florida is probably less outdoorsy because it's so hot in the summer and it's relatively flat. However, property is cheaper and you can likely find higher cash flow, but lower appreciation.
It's really up to you. I would suggest picking a market and running with it!
Welcome to Bigger Pockets! As a new investor you should focus on learning the business in the area you are familiar with. Partner with an investor friendly Realtor, take them to lunch and ask them to teach you everything they know about investing. In return, send all of your referrals to them. If they see value in the relationship, you will learn a lot. Go to local meetups. Learn everything you can from your peers. If you are interested in Florida, I work in the Tampa Bay Area. All the best!